Is this a good deal for buying a 'Stang?
 

Today I went to a Ford dealer near my house and I saw a mint 1997 Mustang GT convertible, 5 speed. It's got 17" chrome Cobra rims and its black. I liked it - it was sweeeeeeeeet :)

It only has 34,370 miles on it. It's selling for $17,000. I want to trade my car in; its a 2000 automatic V6 with 47,000 miles on it. I still owe $13,600 and the dealer told me it's worth $10,470.

Well, do you all think it would be a good deal if I buy it? He also told me that my payments for it would be lower that what I'm paying right now: $351.per month.

the car doesent have a dent or scratch

YoU pAy $351 FoR a V6???? ThAt Is CrAzInEsS....

tRaDe ThAt PuPpY iN aSaP :)

TrAdE ThAt In!!! I DeFiNiTeLy aGrEe!!!
Go FoR tHe V-8!!!!!!!!!!!!!!!!!!!!!!!
;)

BwHaHaHaHaHa :D

ThAnKs FoR yOuR sUpPoRt My KaW-rIdInG fRiEnD :)


DiZzAmN tHiS iS gIvInG mE a HeAdaChE lOl ;)

Man, you better get your hands on that car before it gets away from you!

Alright I now know its gona be worth it.




Hey so what would be a good price to pay for a V6??
I mean to be paying a month????

guess I got riped off at the dealer to pay 351/month:(

so the milage the car has is good then to be a 1997??

What APR are they offering you with the '97? If you qualify for the 0% financing they are offering on new cars, you might be able to get a new '01 GT without paying much more per month.

Let's make a deal
 

silverv6:

34,000 miles on a '97 - if accurate - averages out to around 7,000 miles per year, about half of what would be normal for a '97.
Good deal.

$17,000. (retail - with a dealer warranty) is just about right for a near-mint '97 GT convertible.

The $10,470. (wholesale) the dealer offered you for your '00 V-6 is also dead-on.

Make a deal, especially if your monthly payments will noticably drop. More money for mods!

Good luck.

Dude, get the 5.0. You're killing me. :D

My take
 

First, you definately need to get out of the current loan situation you're in. It's never good to be upside-down on a loan. If you make the deal for this GT, you will be paying the dealer an extra $3,000 on top of what he is asking for the car.

17,000 for a 97 Mustang is way too much to spend..... I know, I know it's a convertible. Big deal. From reading some of your other posts I know you're interested in more performance.
Convertible = heavy
4.6 = weak
The aftermarket support just isn't yet there for the 4.6s. So if you want to mod it, you won't have the selection or low prices that the 5.0 guys enjoy. Remember, the 96-98 4.6s are dogs from the factory.

If you buy this car, the loan will be for close to $20,000 for a 1997 Mustang GT. Not good when you consider a used Cobra can be purchased for this amount. Or for $23,000(?) you could purchase a new GT and have much better performance and a warranty.

If I were you, I would wait until I owed less than what the car is worth on your current loan. Otherwise, the dealership is really going to stick it to you (probably with no vasoline). Just my .02

Oh yeah, I agree with the others, $351 a month for a V-6 is horrible. I would think you could get into a new GT for close to that.

LoL aT DizZaMn!!! :)
TyPiNg LiKe ThIs iS eAsIeR SaId tHaN dOnE!!! :eek:

Part 2
 

silverv-6:

89 Cobra LX makes some good points regarding the financial aspect of the deal and he's correct; you'll end up paying $20,000. for a five-year-old Mustang, albeit one that's mint and has lower milage than the Mustang V-6 you're currently driving.

I was simply pointing out that the dealer price for the '97 GT is fair and the dealers wholesale price offer for your 2000 V-6 was also fair - you're not getting ripped off in terms of price.

Of course when you owe $13,000 - your car is worth 10,000 - and you sell it at that price - you lose $3,000. Simple math that I assume you had already figured out and that you were willing to take the financial hit to get out of your V-6.

Is that a 'good deal? Absolutely not, but if you want to do it, it's your money and you're responsible for paying off the loan. - not us.

If you've decided to pass up this deal, I would suggest you wait until you're at the financial break-even point on your 2000, then look to trade it in.

As for 89 Cobra LX's comment about the '97 4.6 convertible being slow, he's right - it is.
Still, a nice Mustang in great condition is worth considering unless you're hell-bent on having a 12-second car, then, a 5.0 coupe would be a better choice. I suspect that you're looking for a nice 'peppy' cruiser and if that's the case, a mint '97 convert is probably a good choice but considering the financial hit and the (total) $20,000. price tag, you could probably find a '01 Mustang 4.6 convertible for about the same price.

These are the various options available;

(1) Keep the V-6, pay down the loan until you're even (it's wholesale value is worth what you owe on it) then look for a later-model V-8 Mustang to buy. Might take another 18 months or so to accomplish.

(2) Trade the V-6 anyway, take the three-grand loss but look for a later-model V-8 Mustang to buy.

(3) Go with your original proposal: Trade the V-6, take the loss, buy the mint '97 'Stang and live happily ever after.